International Growth Fund  (PINOX)

Harnessing the potential of international growth companies since 1995


Track this fund

Objective

The fund seeks long-term capital appreciation.

Strategy and process

  • International growth: The fund invests in international companies that the manager believes have sustainable above-average earnings growth.
  • Diverse companies: The portfolio includes large companies that dominate their industries and midsize companies that may be emerging industry leaders.
  • A rigorous process: The fund follows a disciplined investment process with fundamental stock selection supported by quantitative tools and macroeconomic analysis.

Fund price

Yesterday’s close 52-week high 52-week low
Net asset value $22.36
0.04% | $0.01
$22.71
11/28/17
$16.75
12/22/16
Historical fund price

Fund facts as of 11/30/17

Total net assets
$308.51M
Turnover (fiscal year end)
121%
Dividend frequency
Annually
Number of holdings
97
Fiscal year-end
September
CUSIP / Fund code
746802206 / 0045
Inception date
01/03/95
Category
Growth
Open to new investors
Ticker
PINOX

Management team


Portfolio Manager


Literature

Fund documents

Prospectus (PDF)
Annual Report (PDF)
Semiannual Report (PDF)
Proxy voting results (Form N-PX) (PDF)
Equity Outlook (PDF)
Comparing Putnam's international/global equity funds (PDF)

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Performance

  • Total return (%) as of 09/30/17

  • Annual performance as of 09/30/17

Annualized performance 1 yr. 3 yrs. 5 yrs. 10 yrs.
Before sales charge 20.25% 5.38% 8.35% 2.10%
After sales charge 13.33% 3.32% 7.07% 1.50%
MSCI EAFE Growth Index (ND) 15.68% 6.48% 8.89% 2.12%

Current performance may be lower or higher than the quoted past performance, which cannot guarantee future results. Share price, principal value, and return will vary, and you may have a gain or loss when you sell your shares. To obtain the most recent month-end performance, visit putnam.com. Performance assumes reinvestment of distributions and does not account for taxes. Returns before sales charge do not reflect the current maximum sales charges as indicated below. Had the sales charge been reflected, returns would be lower. Returns at public offering price (after sales charge) for class A and class M shares reflect the current maximum initial sales charges of 5.75% and 3.50% for equity funds and Putnam Absolute Return 500 Fund and 700 Fund, and 4.00% and 3.25% for income funds (1.00% and 0.75% for Putnam Floating Rate Income Fund, Putnam Absolute Return 100 Fund and 300 Fund, and Putnam Short-Term Municipal Income Fund), respectively. Class B share returns reflect the applicable contingent deferred sales charge (CDSC), which is 5% in the first year, declining to 1% in the sixth year, and is eliminated thereafter (except for Putnam Floating Rate Income Fund, Putnam Absolute Return 100 Fund and 300 Fund, and Putnam Short-Term Municipal Income Fund, which is 1% in the first year, declining to 0.5% in the second year, and is eliminated thereafter). Class C shares reflect a 1% CDSC the first year that is eliminated thereafter. Performance for class B, C, M, R, T1, and Y shares prior to their inception is derived from the historical performance of class A shares, adjusted for the applicable sales charge (or CDSC) and, except for class Y shares, the higher operating expenses for such shares (with the exception of Putnam Tax-Free High Yield Fund and Putnam AMT-Free Municipal Fund, which are based on the historical performance of class B shares). Class R5/R6 shares, available to qualified employee-benefit plans only, are sold without an initial sales charge and have no CDSC. Class Y shares are generally only available for corporate and institutional clients and have no initial sales charge. Performance for Class R5/R6 shares before their inception are derived from the historical performance of class Y shares, which have not been adjusted for the lower expenses; had they, returns would have been higher. Class A, M, and T1 shares of Putnam money market funds have no initial sales charge. For a portion of the period, some funds had expenses limitations or had been sold on a limited basis with limited assets and expenses, without which returns would be lower.

Performance snapshot

  Before sales charge After sales charge
1 mt. as of 11/30/17 1.44 % -4.39 %
YTD as of 12/12/17 32.15 % 24.55 %

Risk-adjusted performance as of 10/31/17

Alpha (3 yrs.) -0.78
Sharpe ratio (3 yrs.) 0.52
Treynor ratio (3 yrs.) 6.48
Information ratio (3 yrs.) -0.34

Volatility as of 10/31/17

Standard deviation (3 yrs.) 11.75%
Beta 0.94
R-squared 0.91

Capture ratio as of 10/31/17

Up-market (3 yrs.) 93.71
Down-market (3 yrs.) 98.80

Lipper rankings as of 10/31/17

International Multi-Cap Growth Percentile ranking Rank/Funds in category
1 yr. 19% 92/492
3 yrs. 62% 249/407
5 yrs. 49% 176/363
10 yrs. 33% 78/236

Morningstar ratings as of 10/31/17

Foreign Large Growth Rating Funds in category
Overall (125)
3 yrs. (325)
5 yrs. (120)
10 yrs. (92)

Distributions

Record/Ex dividend date 12/22/16
Payable date 12/27/16
Income $0.317
Extra income $0.0
Short-term cap. gain --
Long-term cap. gain --

Lipper rankings are based on total return without sales charge relative to all share classes of funds with similar objectives as determined by Lipper. Past performance is not indicative of future results.

The Morningstar RatingTM for funds, or "star rating", is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods.

The up-market capture ratio is used to evaluate how well an investment manager performed relative to an index during periods when that index has risen. The ratio is calculated by dividing the manager’s returns by the returns of the index during the up-market, and multiplying that factor by 100. The down-market capture ratio is used to evaluate how well an investment manager performed relative to an index during periods when that index has dropped. The ratio is calculated by dividing the manager’s returns by the returns of the index during the down-market and multiplying that factor by 100.


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Holdings

Top 10 holdings as of 10/31/17

Bayer Ag 2.38%
Tencent Holdings 2.02%
Burford Capital 1.99%
Aia Group 1.94%
Sony Corp 1.90%
Compass Group 1.84%
Challenger Financial Service 1.81%
Alibaba Group Holding 1.77%
Reed Elsevier N.V. 1.65%
Shire 1.60%
Top 10 holdings, percent of portfolio 18.90%

Full portfolio holdings as of 09/30/17

BAYER AG-REG 2.51%
TENCENT HOLDINGS LTD 1.97%
AIA GROUP LTD 1.93%
SONY CORP 1.84%
AIRBUS SE 1.82%
CHALLENGER LTD 1.76%
VALEO SA 1.69%
ALIBABA GROUP HOLDING-SP ADR 1.67%
SHIRE PLC 1.66%
COMPASS GROUP PLC 1.64%
RELX NV 1.57%
UNILEVER NV-CVA 1.54%
SIEMENS AG 1.53%
HDFC BANK LIMITED 1.47%
HEINEKEN NV 1.47%
BURFORD CAPITAL LTD 1.44%
DALATA HOTEL GROUP PLC 1.41%
ALCOA CORP 1.40%
ASSOCIATED BRITISH FOODS PLC 1.39%
KERRY GROUP PLC-A 1.39%
NOKIA OYJ 1.39%
DIAGEO PLC 1.38%
JOHNSON CONTROLS INTERNATION 1.38%
TDK CORP 1.36%
ADIDAS AG 1.31%
KYUDENKO CORP 1.30%
RPC GROUP PLC 1.30%
ROYAL DUTCH SHELL PLC-A SHS 1.28%
ING GROEP NV-CVA 1.24%
SMS CO LTD 1.24%
CLINIGEN GROUP PLC 1.22%
ENCANA CORP 1.22%
SK HYNIX INC 1.22%
UNICREDIT SPA 1.22%
AMUNDI SA 1.19%
KUMAGAI GUMI CO LTD 1.14%
ORIX CORP 1.14%
THALES SA 1.11%
SOCIETE GENERALE SA 1.10%
KOMATSU LTD 1.09%
SBERBANK PJSC -SPONSORED ADR 1.09%
SHANGHAI INTL AIRPORT CO LTD 144A REGS WARRANT 05/07/2018 1.09%
SMC CORP 1.09%
TOYO TIRE & RUBBER CO LTD 1.07%
LAFARGEHOLCIM LTD-REG 1.04%
BANCO MACRO SA-ADR 0.99%
DXC TECHNOLOGY CO 0.98%
ILUKA RESOURCES LTD 0.95%
ALBEMARLE CORP 0.94%
X 5 RETAIL GROUP NV-REGS GDR 0.92%
RHEINMETALL AG 0.90%
IRB BRASIL RESSEGUROS SA 0.89%
SCREEN HOLDINGS CO LTD 0.89%
SECURITAS AB-B SHS 0.89%
OUTSOURCING INC 0.87%
SANWA HOLDINGS CORP 0.86%
ASSA ABLOY AB-B 0.85%
ALTICE NV - A 0.84%
HIBERNIA REIT PLC 0.82%
NCSOFT CORP 0.81%
ELITE MATERIAL CO LTD 0.80%
MTU AERO ENGINES AG 0.79%
COM HEM HOLDING AB 0.76%
ROHM CO LTD 0.74%
SHANGHAI FOSUN PHARMACEUTI-H 0.74%
TURKCELL ILETISI 0.74%
CHINA WATER AFFAIRS GROUP 0.72%
DART GROUP PLC 0.72%
AKZO NOBEL 0.71%
POWER GRID CORP OF INDIA LTD 0.70%
STMICROELECTRONICS NV 0.70%
COX AND KINGS LTD 0.68%
HAMILTON LANE INC-CLASS A 0.67%
LASERTEC CORP 0.66%
RAYTHEON COMPANY 0.66%
RICHTER GEDEON NYRT 0.65%
AIN HOLDINGS INC 0.64%
DMG MORI CO LTD 0.64%
BASSO INDUSTRY CORP 0.62%
NINTENDO CO LTD 0.62%
LIBERTY GLOBAL PLC LILAC - C 0.61%
JAZZ PHARMACEUTICALS PLC 0.60%
DELIVERY HERO HOLDIN P/P 0.59%
NOMAD FOODS LTD 0.59%
ZEE ENTERTAINMENT ENTERPRISE 0.57%
CAIRN ENERGY PLC 0.54%
SHISEIDO CO LTD 0.54%
ADMIRAL GROUP PLC 0.53%
KEI INDUSTRIES LTD 0.52%
CHINA BIOLOGIC PRODUCTS HOLD 0.51%
PALTAC CORPORATION 0.51%
ALPHABET INC-CL C 0.45%
PC JEWELLER LTD 0.42%
KKR & CO LP 0.41%
INSTRUCTURE INC 0.38%
DELIVERY HERO AG 0.26%
TAIWAN DOLLAR CALL ACCOUNT 0.08%
INDIAN RUPEE CALL ACCOUNT 0.07%
CHF/USD 12/20/2017 SSBT 0.04%
GLOBAL FASHION GRP P/P 0.03%
CHF/USD 12/20/2017 BCAP-FX 0.02%
EUR/USD 12/20/2017 GSFX 0.02%
GBP/USD 12/20/2017 JPMCB 0.02%
CHF/USD 12/20/2017 UBS 0.01%
DKK/USD 12/20/2017 CITI 0.01%
EUR/USD 12/20/2017 CITI 0.01%
NOK/USD 12/20/2017 JPMCB 0.01%
AUD/USD 10/18/2017 BANKAM 0.00%
AUD/USD 10/18/2017 CITI 0.00%
AUD/USD 10/18/2017 GSFX 0.00%
CAD/USD 10/18/2017 BANKAM 0.00%
CAD/USD 10/18/2017 CITI 0.00%
CAD/USD 10/18/2017 SSBT 0.00%
EGYPTIAN POUND CALL ACCOUNT 0.00%
EUR/USD 12/20/2017 UBS 0.00%
FABFURNISH GMBH P/P 0.00%
GBP/USD 12/20/2017 BCAP-FX 0.00%
HKD/USD 11/15/2017 BANKAM 0.00%
HKD/USD 11/15/2017 BCAP-FX 0.00%
HONG KONG DOLLAR CALL ACCOUNT 0.00%
ILS/USD 10/18/2017 SSBT 0.00%
JPY/USD 11/15/2017 BANKAM 0.00%
JPY/USD 11/15/2017 CITI 0.00%
JPY/USD 11/15/2017 GSFX 0.00%
JPY/USD 11/15/2017 JPMCB 0.00%
JPY/USD 11/15/2017 SSBT 0.00%
KOREAN WON CALL ACCOUNT 0.00%
KRW/USD 11/15/2017 JPMCB 0.00%
MXN/USD 10/18/2017 CITI 0.00%
NEW BIGFOOT OTHER ASSETS GMBH P/P 0.00%
NEW MIDDLE EAST OTHER ASSETS GMBH P/P 0.00%
NZD/USD 10/18/2017 CSI-FX 0.00%
POUND STERLING CALL ACCOUNT 0.00%
SEK/USD 12/20/2017 JPMCB 0.00%
SGD/USD 11/15/2017 JPMCB 0.00%
THE EURO EUR CALL ACCOUNT 0.00%
CNH/USD 11/15/2017 GSFX -0.01%
EUR/USD 12/20/2017 JPMCB -0.01%
CHF/USD 12/20/2017 JPMCB -0.02%
EUR/USD 12/20/2017 HSBCB -0.02%
GBP/USD 12/20/2017 BANKAM -0.03%

Prior top 10 holdings

Top 10 holdings as of 10/31/17
Bayer Ag
Tencent Holdings
Burford Capital
Aia Group
Sony Corp
Compass Group
Challenger Financial Service
Alibaba Group Holding
Reed Elsevier N.V.
Shire
Holdings represent 18.90% of portfolio
Top 10 holdings as of 09/30/17
Bayer Ag
Tencent Holdings
Aia Group
Sony Corp
Airbus
Challenger Financial Service
Valeo
Alibaba Group Holding
Shire
Compass Group
Holdings represent 18.49% of portfolio
Top 10 holdings as of 08/31/17
Bayer Ag
Aia Group
Tencent Holdings
Sony Corp
Challenger Financial Service
Alibaba Group Holding
Compass Group
Clinigen Group
Heineken Nv
Unilever Nv
Holdings represent 18.37% of portfolio
Top 10 holdings as of 07/31/17
Bayer Ag
Aia Group
Sony Corp
Challenger Financial Service
Tencent Holdings
Shire
Compass Group
Kumagai Gumi
Alibaba Group Holding
Valeo
Holdings represent 18.35% of portfolio

Portfolio composition as of 10/31/17

Common stock 99.26%
Cash and net other assets 0.74%

Equity statistics as of 10/31/17

Median market cap $9.89B
Weighted average market cap $54.56B
Price to book 2.49
Price to earnings 16.16

Fund characteristics will vary over time.

Due to rounding, percentages may not equal 100%.

Consider these risks before investing: International investing involves currency, economic, and political risks. Emerging-market securities carry illiquidity and volatility risks. Investments in small and/or midsize companies increase the risk of greater price fluctuations. Growth stocks may be more susceptible to earnings disappointments, and the market may not favor growth-style investing. Stock prices may fall or fail to rise over time for several reasons, including general financial market conditions and factors related to a specific company or industry. Risks associated with derivatives include increased investment exposure (which may be considered leverage) and, in the case of over-the-counter instruments, the potential inability to terminate or sell derivatives positions and the potential failure of the other party to the instrument to meet its obligations. You can lose money by investing in the fund.

Top Industry Sectors as of 10/31/17

Industrials 21.42%
Financials 19.38%
Information technology 16.71%
Consumer discretionary 13.06%
Consumer staples 9.56%
Health care 7.83%
Materials 5.64%
Energy 2.92%
Telecommunication services 1.56%
 
Other
1.92%
Cash and net other assets 0.74%
Real estate 0.68%
Utilities 0.50%

The unclassified sector (where applicable) includes exchange traded funds and other securities not able to be classified by sector.

Sectors will vary over time. Represents the equity portion of the portfolio.

Country Allocation as of 10/31/17

Japan 19.70%
United Kingdom 15.98%
United States 8.90%
Germany 8.84%
China 8.24%
France 6.79%
Netherlands 4.95%
Ireland 3.46%
India 3.28%
 
Other
19.86%
Australia 2.86%
Hong Kong 1.94%
Russia 1.92%
Sweden 1.66%
South Korea 1.52%
Taiwan 1.27%
Finland 1.13%
Italy 1.09%
Canada 1.01%
Switzerland 0.99%
Argentina 0.95%
Brazil 0.92%
Turkey 0.77%
Cash and net other assets 0.74%
Hungary 0.64%
British Virgin Islands 0.42%
Luxembourg 0.03%

Expenses

Expense ratio

Class A Class B Class C Class M Class R Class Y
Total expense ratio 1.50% 2.25% 2.25% 2.00% 1.75% 1.25%
What you pay 1.50% 2.25% 2.25% 2.00% 1.75% 1.25%

Sales charge/Dealer allowance

 Breakpoint Class A Class B Class C Class M Class R Class Y
$0-$49,999 5.75% / 5.00% 0.00% / 4.00% 0.00% / 1.00% 3.50% / 3.00% -- --
$50,000-$99,999 4.50% / 3.75% 0.00% / 4.00% 0.00% / 1.00% 2.50% / 2.00% -- --
$100,000-$249,999 3.50% / 2.75% -- 0.00% / 1.00% 1.50% / 1.00% -- --
$250,000-$499,999 2.50% / 2.00% -- 0.00% / 1.00% 1.00% / 1.00% -- --
$500,000-$999,999 2.00% / 1.75% -- 0.00% / 1.00% 1.00% / 1.00% -- --
$1M-$4M 0.00% / 1.00% -- -- -- -- --
$4M-$50M 0.00% / 0.50% -- -- -- -- --
$50M+ 0.00% / 0.25% -- -- -- -- --

CDSC

  Class A (sales for $1,000,000+) Class B Class C Class M Class R Class Y
0 to 9 mts. 1.00% 5.00% 1.00% -- -- --
9 to 12 mts. 0.00% 5.00% 1.00% -- -- --
2 yrs. -- 4.00% 0.00% -- -- --
3 yrs. -- 3.00% 0.00% -- -- --
4 yrs. -- 3.00% 0.00% -- -- --
5 yrs. -- 2.00% 0.00% -- -- --
6 yrs. -- 1.00% 0.00% -- -- --
7+ yrs. -- 0.00% 0.00% -- -- --

Trail commissions

  Class A Class B Class C Class M Class R Class Y
  0.25% 0.25% 1.00% 0.65% 0.50% 0.00%
  NA NA NA NA NA NA
  NA NA NA NA NA NA

For sales and trail commission information on purchases over $1 million and participant-directed qualified retirement plans, see a Putnam fund prospectus and the statement of additional information.

The MSCI EAFE Growth Index is an unmanaged index that measures the performance of equity securities in 20 countries within Europe, Australasia and the Far East with a greater-than-average growth orientation. You cannot invest directly in an index.

Consider these risks before investing: International investing involves currency, economic, and political risks. Emerging-market securities carry illiquidity and volatility risks. Investments in small and/or midsize companies increase the risk of greater price fluctuations. Growth stocks may be more susceptible to earnings disappointments, and the market may not favor growth-style investing. Stock prices may fall or fail to rise over time for several reasons, including general financial market conditions and factors related to a specific company or industry. Risks associated with derivatives include increased investment exposure (which may be considered leverage) and, in the case of over-the-counter instruments, the potential inability to terminate or sell derivatives positions and the potential failure of the other party to the instrument to meet its obligations. You can lose money by investing in the fund.